Ask Question
15 November, 00:22

New body, a gym, bought new exercise equipment on credit. the purchase price was $10,438.88. they secure the loan with a financing company that charges 6.25% per year compounded quarterly for 6 years. how much are their quarterly payments?

+2
Answers (1)
  1. 15 November, 04:20
    0
    Using the payment formula,

    rate = 6.25%/4 (since it is compounded quarterly)

    PV = 10,438.88

    n = 6*4 = 24 (6 years * 4 quarters per year)

    Payment amount would be $524.95
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “New body, a gym, bought new exercise equipment on credit. the purchase price was $10,438.88. they secure the loan with a financing company ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers